Business
Kidoz Inc. Announces Record Profitable Q3 2020 Results
ANGUILLA, BWI / ACCESSWIRE / November 12, 2020 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), kid...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Announces Record Profitable Q3 2020 ResultsANGUILLA, BWI / ACCESSWIRE / November 12, 2020 / Kidoz Inc. (TSXV:KIDZ) (the \"Company\"), kid-tech software developer, owner of the KIDOZ Safe Advertising Network (www.kidoz.net), the KIDOZ Kid-Mode Operating System, the KIDOZ publisher SDK, and the Rooplay edu-games platform (www.rooplay.com), announced today its unaudited financial results for the third quarter ended September 30, 2020. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. highlights include:Q3 2020 Total Revenue of $1,919,973 - growth of 261% compared to Q2 2020 Total Revenue of $736,827Q3 2020 Profit of $116,634, from a loss of ($361,399) in Q2 2020Q3 2020 EBITDA of $346,586 from an EBITDA loss of ($197,057) in Q2 2020.Cash provided by operating activities of $171,612 for the nine months ended September 30, 2020.Cash of $1,136,999 and working capital of $2,094,123 at September 30, 2020.\"The third quarter of 2020 was a breakout quarter for Kidoz as our services experienced record levels of usage and bookings,\" stated Eldad Ben Tora, Co-CEO. \"Increasingly, mobile devices are kids' favorite form of entertainment and brands wishing to reach kids are utilizing the safe and engaging advertising opportunities available on the Kidoz platform. Kidoz is a focused mobile software solution provider and the market leader in mobile Kid Safe SDK installations. Advertisers demand high-performing media that is contextually targeted to their desired market segment. Kidoz delivers this unique proposition for advertisers and we continue to grow our revenues and market share by focusing on our technology, customers, and growth strategy.\"\"Returning to year-over-year quarterly revenue growth of approximately 50% is a huge achievement,\" commented Jason Williams, Co-CEO. \"The Kidoz team were successful in on-boarding many new advertisers, building powerful new technology, and expanding the reach of our flagship product the Kidoz Safe Advertising Network. Our performance shows that Kidoz is entering a strong phase of growth as our product and business strategies are thriving amongst a series of powerful macro trends. Specifically, consumers are shifting to mobile, governments are regulating digital privacy for kids, global mark...